Professional Tax Return Preparation

Today's tax laws are so complicated that unless your financial affairs are extremely simple, chances are you will benefit from at least occasional help from a tax professional. It is too easy to overlook deductions and credits to which you are entitled if you prepare only one return a year. Even the use of computer software is no substitute for the assistance of a seasoned tax preparer.

We prepare hundreds of tax returns every year for individuals, proprietorships, partnerships, corporations, limited liability companies, trusts, and estates. We know what to look for when your return is prepared. More importantly, you have someone to ask questions of during the rest of the year.

In addition, we also provide tax planning and U.S. tax filing services for Canadian residents owning real estate in, or contemplating moving to, the United States.

Your Tax-Cutting Checklist

Whether you’re a wage earner, an investor, a business owner, or all three, you should use the tax-cutting benefits available in the tax law. There is little to be gained by paying more tax than the law demands.

Identify the tax-savers for which you qualify. Here’s a tax-cutting checklist to get you started. Review the list to see if there are tax breaks you are overlooking.

For Individuals:
	Roth IRA
	Rollover to Roth IRA
	Tax-deductible Traditional IRA
	Child tax credit
	Income shifting to children
	Child care credit
	Earned income credit
	Lifetime gifts
	Education Savings Accounts
	Education IRAs
	American opportunity tax credit
	Lifetime learning credit
	Bunching deductions
	Flexible spending accounts
	Health savings account
	Donating appreciated assets instead of cash
	Qualifying property for personal residence gain exclusion
	Best filing status
	Shifting income or deductions from year to year
	Adoption expense credit
	Retirement savings contributions credit

For Investors:
	Tax-free municipal bonds
	Long-term capital gains
	Rental property
	Tax-free exchange
	Low-income housing credit
For Businesses:
	Home office deduction
	SIMPLE plan
	SEP (Simplified Employee Pension)
	401(k) plan
	First year expensing of business equipment
	Bonus depreciation
	Year-end bonuses
	Bad debt write-off
	Disabled access credit
	Other business tax credits

Contact our office if you have questions or want more information on these and other strategies that could reduce your taxes.

Vaughn S. Hagen, CPA, PS 1015 Dupont Street • Bellingham, WA 98225 Tel: (360) 671-6961 • Fax: (360) 671-1482 E-mail: cpa@vaughnhagencpa.com           sarah@vaughnhagencpa.com